Milestone Pharmaceuticals Inc.
MIST Healthcare Biotechnology
Milestone Pharmaceuticals Inc.’s revenue for fiscal 2025 (year ended December 2025) was $1.5 million, up 54.6% from fiscal 2023. In the quarter to June 2026, revenue fell 62.7%, EPS fell 5.00%, free cash flow fell 80.8% and total debt rose 7.19%, each against the same quarter a year earlier.
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Milestone Pharmaceuticals Inc. (MIST) Altman Z-score
Milestone Pharmaceuticals Inc.'s Altman Z-score for fiscal 2025 is −4.65, in the distress zone (below 1.81).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | −4.65 | 2.30 |
| FY2023 | −6.95 | (12.82) |
| FY2022 | 5.87 | (14.44) |
| FY2021 | 20.31 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.86 | — | 1.03 | |
| Retained earnings / total assets | (3.79) | — | −5.31 | |
| EBIT / total assets | (0.55) | — | −1.81 | |
| Market value of equity / total liabilities | 2.36 | — | 1.42 | |
| Sales / total assets | 0.01 | — | 0.01 | |
| Altman Z-score | Distress zone | −4.65 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Distress zone | −9.77 | ||
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| BDTX Black Diamond Therapeutics, Inc. compare | −0.1× |
| MIST Milestone Pharmaceuticals Inc. | −4.6× |
| CBUS Cibus, Inc. compare | −4.8× |
| NRXS Neuraxis, Inc. compare | −8.8× |
| UNCY Unicycive Therapeutics, Inc. compare | −10.8× |
| ATRA Atara Biotherapeutics, Inc. compare | −126× |
| PMVP PMV Pharmaceuticals, Inc. compare | — |
| IMUX Immunic, Inc. compare | — |
| PYPD PolyPid Ltd. compare | — |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets